The report said global goods exports continued to expand at the beginning of the fourth quarter of 2026, extending the longest period of trade growth since 2021. However, the pace of growth in new export orders moderated compared to August and September amid intensifying inflationary pressures.     The seasonally adjusted Global Manufacturing PMI New Export Orders Index, sponsored by J.P. Morgan and compiled by S&P Global, declined to 50.9 in October from 51.6 in September. Although the index remained above the 50-point mark, which separates expansion from contraction, the latest reading was the lowest during the current growth phase.    The report noted that the latest reading indicated global merchandise trade was growing at an annual rate of approximately 6 per cent at the beginning of the fourth quarter.    “The latest reading was the lowest in the current growth spell,” the report said, highlighting the moderation in global export momentum.     Despite the slowdown, export growth remained broad-based across manufacturing and services, as well as developed and emerging economies. Among the major economies, the eurozone overtook Asia to emerge as the strongest-performing region in October, supported by robust export orders from Austria and Germany.     Germany recorded its second-fastest expansion in new export orders in just over five years, with defence and infrastructure spending supporting manufacturing activity.    India and Indonesia also reported strong export order growth during the month. In India, manufacturing new export orders rose to a six-month high, while Indonesia recorded a record expansion in goods export orders, supported by improving customer confidence and new product launches.    However, export momentum weakened across several other Asian economies, including Japan, Taiwan and South Korea, as manufacturers faced higher prices. Japan and Taiwan recorded their slowest growth in new export orders in seven and nine months, respectively, while South Korea witnessed only marginal expansion.     The report also highlighted a moderation in technology-related export growth, although the sector continued to register an improvement. Export orders expanded across all eight broad sectors tracked by the PMI survey for the first time since February 2022.     Telecommunications services led the growth, while healthcare trade improved to overtake technology.     Rising transportation and fuel expenses emerged as a key concern for global manufacturers, with higher shipping charges contributing to increased input prices and weakening export demand.     “Shipping costs clearly played a major role in the increase in input prices,” the report said, linking higher transportation expenses to the moderation in goods export demand.     S&P Global further observed that the increase in selling prices in October was the strongest since 2022, reflecting the sharp rise in manufacturing input costs.     The report cautioned that sustained increases in shipping prices could further affect global manufacturing demand and production. It noted that the recent decline in business optimism regarding output growth over the next 12 months was more closely associated with rising prices than concerns about the broader economic outlook.   

 The impact of these inflationary pressures on global manufacturing activity and export demand will therefore remain an important trend to monitor in the coming months.